Rainbow Foundations to raise funds on private placement basis

Rainbow Foundations has received an approval for the allotment of 1,01,50,000 Non-Convertible Redeemable Cumulative Preference Shares (NCRCPS) at a face value of Rs 10 each aggregating to Rs 10,15,00,000 on Private Placement basis in favour of Avance Technologies.

The Board of Directors of the Company which passed Circular resolution on March 11, 2019, approved the same.

Rainbow Foundations (RFL) is a gigantic construction company with an enviable track record in the real estate scenario of Chennai.